OSI Systems (OSIS)
Market Price (7/21/2026): $210.22 | Market Cap: $3.5 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
OSI Systems (OSIS)
Market Price (7/21/2026): $210.22Market Cap: $3.5 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Global Security & Infrastructure Protection, and Digital Health & Telemedicine. Themes include Physical Security & Inspection Systems, and Remote Patient Monitoring & Diagnostics. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Short seller reportCulper Research report on 3/13/2025. Key risksOSIS key risks include [1] a heavy dependence on government contracts, Show more. |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Global Security & Infrastructure Protection, and Digital Health & Telemedicine. Themes include Physical Security & Inspection Systems, and Remote Patient Monitoring & Diagnostics. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Short seller reportCulper Research report on 3/13/2025. |
| Key risksOSIS key risks include [1] a heavy dependence on government contracts, Show more. |
Qualitative Assessment
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OSI Systems (OSIS) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. OSI Systems' stock experienced a significant decline following its fiscal Q3 2026 earnings report, despite record results.
Despite reporting record fiscal Q3 2026 revenues of $453 million and record non-GAAP diluted earnings per share (EPS) of $2.60 on May 4, 2026, the company's stock price decreased by 16.91% in the 48-hour period after the announcement. The company also reiterated its fiscal 2026 revenue guidance range of $1.825 billion to $1.867 billion and adjusted earnings guidance of $10.30 to $10.55 per share. This negative market reaction suggests investor disappointment that outweighed the positive headline figures.
2. The company experienced a decrease in profit margin during fiscal Q3 2026.
OSI Systems' profit margin declined to 8.9% in fiscal Q3 2026, down from 9.3% in the prior year's fiscal Q3 2025. This decrease was primarily attributed to higher expenses, which may have contributed to investor concerns about the company's underlying profitability trends despite top-line growth.
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OSI Systems (OSIS) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. OSI Systems' stock experienced a significant decline following its fiscal Q3 2026 earnings report, despite record results.
Despite reporting record fiscal Q3 2026 revenues of $453 million and record non-GAAP diluted earnings per share (EPS) of $2.60 on May 4, 2026, the company's stock price decreased by 16.91% in the 48-hour period after the announcement. The company also reiterated its fiscal 2026 revenue guidance range of $1.825 billion to $1.867 billion and adjusted earnings guidance of $10.30 to $10.55 per share. This negative market reaction suggests investor disappointment that outweighed the positive headline figures.
2. The company experienced a decrease in profit margin during fiscal Q3 2026.
OSI Systems' profit margin declined to 8.9% in fiscal Q3 2026, down from 9.3% in the prior year's fiscal Q3 2025. This decrease was primarily attributed to higher expenses, which may have contributed to investor concerns about the company's underlying profitability trends despite top-line growth.
3. A significant insider stock sale occurred concurrently with the earnings report.
Deepak Chopra, a Director at OSI Systems, sold 20,000 shares of the company's stock on May 4, 2026, the same day the fiscal Q3 2026 earnings were reported. This transaction had a total value of $5,636,800, exceeding the $5 million threshold and potentially signaling a lack of insider confidence to the market.
4. Certain analyst outlooks presented a notably bearish sentiment and price targets.
While some analysts maintained a "Buy" consensus rating for OSIS with an average price target of $294.00, suggesting a significant upside from the current price, other analyses presented a more negative view following the stock's decline. For example, one analysis in May 2026 suggested a potential further drop to $164, citing an "Unattractive opinion" after the stock had already fallen 24.2% in less than a month. Another forecast in June 2026 projected an average price of $119.46 for the remainder of 2026, indicating a substantial further decrease from the stock's price at that time.
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Stock Movement Drivers
Fundamental Drivers
The -20.7% change in OSIS stock from 3/31/2026 to 7/20/2026 was primarily driven by a -21.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 265.51 | 210.48 | -20.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,798 | 1,807 | 0.5% |
| Net Income Margin (%) | 8.5% | 8.4% | -1.1% |
| P/E Multiple | 29.0 | 22.8 | -21.5% |
| Shares Outstanding (Mil) | 17 | 16 | 1.6% |
| Cumulative Contribution | -20.7% |
Market Drivers
3/31/2026 to 7/20/2026| Return | Correlation | |
|---|---|---|
| OSIS | -20.7% | |
| Market (SPY) | 14.1% | 27.8% |
| Sector (XLK) | 32.2% | 18.5% |
Fundamental Drivers
The -17.5% change in OSIS stock from 12/31/2025 to 7/20/2026 was primarily driven by a -19.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 255.06 | 210.48 | -17.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,754 | 1,807 | 3.0% |
| Net Income Margin (%) | 8.7% | 8.4% | -3.0% |
| P/E Multiple | 28.3 | 22.8 | -19.5% |
| Shares Outstanding (Mil) | 17 | 16 | 2.6% |
| Cumulative Contribution | -17.5% |
Market Drivers
12/31/2025 to 7/20/2026| Return | Correlation | |
|---|---|---|
| OSIS | -17.5% | |
| Market (SPY) | 9.1% | 31.5% |
| Sector (XLK) | 22.2% | 25.2% |
Fundamental Drivers
The -6.4% change in OSIS stock from 6/30/2025 to 7/20/2026 was primarily driven by a -14.5% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 224.86 | 210.48 | -6.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,689 | 1,807 | 7.0% |
| Net Income Margin (%) | 8.4% | 8.4% | 0.5% |
| P/E Multiple | 26.7 | 22.8 | -14.5% |
| Shares Outstanding (Mil) | 17 | 16 | 1.9% |
| Cumulative Contribution | -6.4% |
Market Drivers
6/30/2025 to 7/20/2026| Return | Correlation | |
|---|---|---|
| OSIS | -6.4% | |
| Market (SPY) | 21.1% | 38.3% |
| Sector (XLK) | 39.3% | 27.7% |
Fundamental Drivers
The 78.6% change in OSIS stock from 6/30/2023 to 7/20/2026 was primarily driven by a 50.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7202026 | Change |
|---|---|---|---|
| Stock Price ($) | 117.83 | 210.48 | 78.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,203 | 1,807 | 50.2% |
| Net Income Margin (%) | 6.9% | 8.4% | 21.9% |
| P/E Multiple | 23.8 | 22.8 | -4.4% |
| Shares Outstanding (Mil) | 17 | 16 | 2.0% |
| Cumulative Contribution | 78.6% |
Market Drivers
6/30/2023 to 7/20/2026| Return | Correlation | |
|---|---|---|
| OSIS | 78.6% | |
| Market (SPY) | 73.3% | 45.8% |
| Sector (XLK) | 105.9% | 36.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OSIS Return | -0% | -15% | 62% | 30% | 52% | -17% | 128% |
| Peers Return | 0% | -3% | 14% | 12% | 19% | -17% | 23% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| OSIS Win Rate | 42% | 50% | 67% | 58% | 67% | 43% | |
| Peers Win Rate | 58% | 46% | 52% | 58% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| OSIS Max Drawdown | -13% | -31% | -24% | -15% | -21% | -36% | |
| Peers Max Drawdown | -21% | -26% | -22% | -19% | -20% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LDOS, LHX, MDT, SYK, GEHC. See OSIS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/20/2026 (YTD)
How Low Can It Go
| Event | OSIS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.7% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.1% | -9.5% |
| % Gain to Breakeven | 15.1% | 10.5% |
| Time to Breakeven | 24 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.3% | 32.4% |
| Time to Breakeven | 104 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.4% | -33.7% |
| % Gain to Breakeven | 67.7% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.7% | -12.2% |
| % Gain to Breakeven | 36.4% | 13.9% |
| Time to Breakeven | 274 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.4% | -6.8% |
| % Gain to Breakeven | 34.1% | 7.3% |
| Time to Breakeven | 274 days | 15 days |
In The Past
OSI Systems's stock fell -20.7% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
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| Event | OSIS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.7% | -18.8% |
| % Gain to Breakeven | 26.0% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -24.4% | -24.5% |
| % Gain to Breakeven | 32.3% | 32.4% |
| Time to Breakeven | 104 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.4% | -33.7% |
| % Gain to Breakeven | 67.7% | 50.9% |
| Time to Breakeven | 262 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.7% | -12.2% |
| % Gain to Breakeven | 36.4% | 13.9% |
| Time to Breakeven | 274 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.4% | -6.8% |
| % Gain to Breakeven | 34.1% | 7.3% |
| Time to Breakeven | 274 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.9% | -17.9% |
| % Gain to Breakeven | 40.6% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.2% | -53.4% |
| % Gain to Breakeven | 157.6% | 114.4% |
| Time to Breakeven | 413 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -29.9% | -8.6% |
| % Gain to Breakeven | 42.6% | 9.5% |
| Time to Breakeven | 843 days | 47 days |
In The Past
OSI Systems's stock fell -20.7% during the 2025 US Tariff Shock. Such a loss loss requires a 26.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About OSI Systems (OSIS)
OSI Systems, Inc. is a diversified global company that designs, manufactures, and sells electronic systems and components across three primary business segments: Security, Healthcare, and Optoelectronics & Manufacturing. This structure allows the company to serve a broad range of critical markets with specialized technology solutions.
The Security segment, operating under brands like Rapiscan Systems and AS&E, provides advanced screening and detection solutions. These include systems for baggage, cargo, vehicle, and people screening, as well as trace detection of explosives and narcotics, primarily serving airports, borders, and other critical infrastructure. The Healthcare segment, through its Spacelabs brand, offers patient monitoring and diagnostic cardiology systems and related supplies, which are essential for critical care, emergency, and surgical environments in hospitals, clinics, and medical centers.
The Optoelectronics and Manufacturing segment is highly versatile, supplying optoelectronic devices such as photodiodes and laser products for high-tech applications in aerospace, defense, medical imaging, and telecommunications. This segment also provides electronics manufacturing services (EMS) to original equipment manufacturers across various sectors, including medical, automotive, defense, and industrial, along with specialized products like LCD displays and laser-based remote sensing for traffic management. OSI Systems' diverse customer base spans government, defense, healthcare providers, and numerous industrial and technology companies worldwide.
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Here are 1-3 brief analogies to describe OSI Systems (OSIS):
- They're like a blend of L3Harris (for airport and border security technology) and Philips Healthcare (for hospital patient monitoring systems).
- Imagine a diversified industrial technology company similar to Teledyne Technologies, but with a strong focus on security screening equipment for airports and borders, and patient monitoring systems for hospitals.
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- Security Inspection Systems: Designs and manufactures systems for baggage, parcel, cargo, vehicle, and people screening, including radiation and trace detection.
- Security Screening Solutions & Services: Provides comprehensive security screening solutions, along with site design, installation, training, and technical support services.
- Patient Monitoring and Diagnostic Cardiology Systems: Offers systems for monitoring patient vital signs and diagnosing heart conditions, including related supplies and accessories.
- Optoelectronic Devices: Manufactures devices that detect or emit light, used in aerospace, medical, telecommunications, and other high-tech markets.
- Electronics Manufacturing Services (EMS): Provides manufacturing services for electronic products to original equipment manufacturers (OEMs) across various industries.
- LCD Displays and Flex Circuits: Produces LCD displays for medical, industrial, and consumer applications, and flex circuits for OEM customers.
- Laser-based Sensing and Solid-state Laser Products: Offers laser-based remote sensing devices for traffic management and solid-state laser products for aerospace, defense, and medical applications.
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OSI Systems (OSIS) primarily sells its products and services to other companies and governmental organizations, rather than directly to individual consumers. Based on the provided background information, the specific names of major customer companies are not explicitly detailed. However, the company's major customers can be broadly categorized as follows:
- Governmental Agencies: A significant portion of its Security segment's clientele includes governmental entities such as airport authorities, customs and border control agencies, and other homeland security organizations that utilize Rapiscan Systems and AS&E inspection and detection solutions. The Optoelectronics and Manufacturing segment also serves governmental applications, particularly for toll and traffic management systems (OSI Laserscan, Autosense).
- Healthcare Institutions: Through its Healthcare segment (Spacelabs), OSI Systems serves various medical facilities including hospitals, physicians' offices, medical clinics, and ambulatory surgery centers with patient monitoring and diagnostic cardiology systems.
- Original Equipment Manufacturers (OEMs) and Industrial Companies: The Optoelectronics and Manufacturing segment provides components, devices, and electronics manufacturing services to a wide array of industrial and corporate customers. These include OEMs and end users in sectors such as aerospace and defense, avionics, medical imaging and diagnostics, biochemistry analysis, pharmaceutical, nanotechnology, telecommunications, construction, automotive, and general industrial and consumer electronics markets.
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Ajay Mehra, President and Chief Executive Officer
Ajay Mehra was appointed President and Chief Executive Officer of OSI Systems on January 1, 2025, succeeding founder Deepak Chopra. He initially joined the company in 1989 as Controller and later served as Vice President and Chief Financial Officer from 1992 to 2002. Subsequently, he held the position of Executive Vice President and President of the company's Security division until his promotion to CEO. During his tenure as CFO, he oversaw the company's initial public offering and the launch of the Security division. Under his leadership, the Security division grew to achieve over $1 billion in annual revenues. Before joining OSI Systems, Mr. Mehra held various financial positions at Thermador/Waste King, Presto Food Products, Inc., and United Detector Technology.
Alan Edrick, Executive Vice President and Chief Financial Officer
Alan Edrick joined OSI Systems in September 2006 as Executive Vice President and Chief Financial Officer. He brings over three decades of experience in financial management and public accounting, including expertise in mergers and acquisitions, capital markets, financial planning and analysis, and regulatory compliance. Prior to his role at OSI Systems, Mr. Edrick served as Executive Vice President and Chief Financial Officer of BioSource International, Inc., a biotechnology company, from 2004 to 2006, until its acquisition by Invitrogen Corporation. He was also Senior Vice President and CFO of North American Scientific, Inc., a medical device and specialty pharmaceutical company. Mr. Edrick has been recognized multiple times as "CFO of the Year" by the Los Angeles Business Journal.
Deepak Chopra, Executive Chairman of the Board
Deepak Chopra is the founder of OSI Systems, Inc., which he established in May 1987. He served as the company's President and Chief Executive Officer from its inception until December 31, 2024, when he transitioned to Executive Chairman of the Board. Mr. Chopra led the company through its initial public offering in 1997. His career prior to founding OSI Systems included various leadership roles at ILC Technology, Inc., a publicly held manufacturer of lighting products, where he was CEO, President, and COO of its United Detector Technology division. He also held positions at Intel Corporation, TRW Semiconductors, and RCA Semiconductors. Mr. Chopra originally pursued a career in engineering and had a preference for working with smaller companies, even staging a hostile takeover in 1990 to combine a company with Opto Sensors Inc., which he started, to form OSI.
Victor Sze, Executive Vice President, General Counsel and Corporate Secretary
Victor Sze has served as Executive Vice President of OSI Systems, Inc. since September 2004 and as General Counsel since February 2002.
Mal Maginnis, President of Rapiscan Systems
Mal Maginnis has been the President of Rapiscan Systems, a division of OSI Systems, Inc., since July 2017. He has over 35 years of experience in the defense, security, safety, and technology industries. Before joining Rapiscan, he held senior leadership roles at AS&E. From September 2011 to 2014, he was President of Smiths Detection at Smiths Detection Group Limited, and prior to that, he served as President of Asia Pacific Operations for Smiths Detection starting in 2004. Mr. Maginnis was also the Chief Executive Officer of Ava Risk Group Ltd. from January 2023 to January 2026. Additionally, he was the head of Iveagh Technology, a technology development company, and an owner of SX Technologies, a detection company.
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Key Risks for OSI Systems (OSIS)
- Reliance on Government Spending and Evolving Security Mandates: A significant portion of OSI Systems' revenue is derived from its Security segment, which provides critical inspection and detection systems to government agencies, airports, and border control. This makes the company highly susceptible to fluctuations in government budgets, spending priorities, and geopolitical events that influence security mandates. Delays in government procurement, budget cuts, or shifts in security threat perceptions requiring different technologies could significantly impact demand for Rapiscan Systems and AS&E products and services.
- Healthcare Industry Regulatory and Reimbursement Challenges: The Healthcare segment, operating under the Spacelabs brand, is subject to the complex and ever-changing regulatory landscape of the medical device industry. Stringent regulatory approvals, evolving healthcare policies, and pressures on hospital budgets and reimbursement models can directly affect demand for patient monitoring and diagnostic cardiology systems. Delays in product approvals, increased compliance costs, or reduced capital expenditures by healthcare providers pose material risks.
- Exposure to Cyclical Demand Across Diverse Industrial and Technology Markets: OSI Systems' Optoelectronics and Manufacturing segment serves a broad array of industries including aerospace and defense, medical imaging, telecommunications, automotive, and industrial applications. This diversification, while offering some balance, also exposes the company to the inherent cyclicality and specific downturns within these various end markets. Economic slowdowns in any of these key sectors, coupled with intense competition and pricing pressures in component manufacturing and electronics manufacturing services, could negatively impact revenue and profitability for brands like OSI Optoelectronics, OSI Electronics, and Advanced Photonix.
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The rise of remote patient monitoring (RPM) and advanced consumer/wearable medical devices with diagnostic capabilities could pose an emerging threat to OSI Systems' Healthcare segment. The Spacelabs brand primarily offers patient monitoring and diagnostic cardiology systems for use in critical care, emergency, and perioperative areas within traditional healthcare facilities such as hospitals, physicians' offices, medical clinics, and ambulatory surgery centers. As healthcare increasingly shifts towards at-home care, telemedicine, and preventative monitoring using consumer-grade or specialized remote devices, the demand for traditional in-facility monitoring hardware may be impacted, potentially reducing the market for Spacelabs' offerings.
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Addressable Markets for OSI Systems (OSIS) Main Products and Services
OSI Systems, Inc. operates across three primary segments: Security, Healthcare, and Optoelectronics and Manufacturing. The addressable markets for its main products and services are as follows:
Security Segment
- The global security screening market, which includes baggage, parcel, cargo, vehicle, and people screening, was valued at approximately USD 9.99 billion in 2025 and is projected to grow to USD 22.09 billion by 2034. North America held a dominant share in this market, valued at USD 3.26 billion in 2024 and USD 3.47 billion in 2025. The U.S. security screening market is projected to be valued at USD 2.9 billion by 2025, growing to USD 5.3 billion in 2034.
- The global radiation detection, monitoring, and safety market was valued at USD 1.8 billion in 2025 and is predicted to increase to approximately USD 3.44 billion by 2034. Another estimate places the market size at USD 3.62 billion in 2025, growing to USD 5.23 billion by 2031. North America dominated this market with a 47% share in 2024.
- The global explosives and narcotics trace detection devices market was approximately USD 1.2893 billion in 2025 and is projected to reach USD 2.07207 billion by 2033. Another source indicates a market size of USD 1.62 billion in 2025, projected to grow to USD 2.88 billion by 2034. North America held 31.65% of the global market revenue in 2025.
Healthcare Segment
- The global patient monitoring devices market was valued at USD 56.4 billion in 2025 and is projected to grow to USD 137.15 billion by 2034. Other estimates for the global patient monitoring market include USD 34.83 billion in 2025, reaching USD 62.12 billion by 2033, and USD 63.94 billion in 2025, projected to reach around USD 134.63 billion by 2035. North America accounted for the most significant share of the global market in 2024.
- The global diagnostic cardiology market is forecast to grow from USD 3.8 billion in 2023 to USD 5.4 billion by 2028. The global ambulatory diagnostic cardiology market was valued at USD 2.6 billion in 2022 and is forecast to rise to USD 3.3 billion by 2026. The global diagnostic electrocardiograph (ECG) market was valued at USD 9.19 billion in 2025 and is projected to reach USD 15.18 billion by 2032.
Optoelectronics and Manufacturing Segment
- The global optoelectronics market was valued at USD 53.37 billion in 2025 and is estimated to increase to USD 95.67 billion by 2034. Another source valued the market at USD 47.1 billion in 2024 and estimates it to reach USD 105.1 billion by 2034. The U.S. optoelectronics industry was worth over USD 10.9 billion in 2024.
- The global electronics manufacturing services (EMS) market size was valued at USD 648.11 billion in 2025 and is projected to grow to USD 1167.08 billion by 2034. Other estimates include USD 617.90 billion in 2025, projected to reach USD 1,201.16 billion by 2035. The U.S. EMS market accounted for USD 121.1 billion in 2024.
- The global LCD display market size was USD 150.2515 million in 2024 and is expected to reach USD 204.47153 million by 2031. For large LCD displays, the market was valued at USD 30.572 billion in 2025 and is projected to reach USD 38.364 billion by 2034. The global LCD panel market was valued at USD 100.40 billion in 2025 and is estimated to reach USD 192.40 billion by 2033.
- The global flexible printed circuit board (FPCB) market size was valued at USD 24.39 billion in 2024 and is expected to reach USD 57.22 billion by 2032. Another report estimates the market at USD 26.97 billion in 2025, projected to hit around USD 76.69 billion by 2035. North America dominated the flexible printed circuit board market with a 38.5% revenue share in 2024.
- The global solid-state laser market size reached USD 2.5 billion in 2024 and is projected to reach USD 4.7 billion by 2033. Another source valued the global market at approximately USD 3.9 billion in 2024 and expects it to reach around USD 9.1 billion by 2034.
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Expected Drivers of Future Revenue Growth for OSI Systems (OSIS) over the next 2-3 years:
- Security Division Domestic Growth and Expanded Offerings: OSI Systems is strategically shifting its focus towards domestic growth within its Security division, particularly leveraging programs such as "Golden Dome" and initiatives with Customs and Border Protection (CBP). The company has secured a significant portion of recent CBP awards for NII scanning equipment, indicating strong domestic contract opportunities. Additionally, the expansion of high-throughput inspection systems and advanced imaging technologies globally within this segment is expected to contribute to revenue growth.
- Increased Service Revenue within the Security Division: A key strategic focus is to significantly grow service revenue within the Security division, which currently accounts for approximately 30% of the division's total revenue. This higher-margin recurring revenue stream experienced strong double-digit growth in 2025 and is targeted for continued expansion.
- New Patient Monitoring Platform Launches in the Healthcare Division: The Healthcare segment is investing in research and development to introduce new patient monitoring platforms. The first phase of these new platforms is anticipated to launch within approximately 12 months, which is expected to drive accelerated growth in fiscal 2027 and beyond.
- Sustained Growth and Strategic Acquisitions in Optoelectronics and Manufacturing: The Optoelectronics division has demonstrated consistent revenue growth, with a 12% increase in the first two quarters of fiscal year 2026. This segment benefits from a balanced customer base and companies seeking manufacturing alternatives to China. Furthermore, OSI Systems' overall growth strategy includes targeted bolt-on acquisitions in the Security and Optoelectronics segments to expand its portfolio and market reach.
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Share Repurchases
- In September 2022, OSI Systems' board of directors increased the number of shares available under the company's share repurchase program to 2,000,000 shares. Of a 3 million share program established in 2020, approximately 1.9 million shares of common stock had been purchased. This program does not have an expiration date.
- Over the last five years, the company's share count has decreased by 4%.
Share Issuance
- In November 2025, OSI Systems issued $575 million of convertible senior notes due in 2031 with an interest rate of 0.50%.
Outbound Investments
- OSI Systems has acquired two companies: AS&E and Spacelabs Healthcare.
- A strategic acquisition in the Security division was completed in fiscal year 2025, which was expected to enhance non-GAAP earnings per share.
Capital Expenditures
- Capital expenditures were $15.76 million in fiscal year 2021, $14.92 million in 2022, and $15.81 million in 2023.
- Projected capital expenditures are $22.1 million for fiscal year 2024, $23.83 million for 2025, and $27.52 million for 2026.
- The company's business model is described as capital-intensive, requiring substantial cash investments in working capital and capital expenditures.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 158.75 |
| Mkt Cap | 40.5 |
| Rev LTM | 21,728 |
| Op Inc LTM | 2,441 |
| FCF LTM | 2,224 |
| FCF 3Y Avg | 1,760 |
| CFO LTM | 2,540 |
| CFO 3Y Avg | 2,196 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.5% |
| Rev Chg 3Y Avg | 7.4% |
| Rev Chg Q | 5.5% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 6.1% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 12.7% |
| Op Mgn 3Y Avg | 12.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 12.5% |
| CFO/Rev 3Y Avg | 10.5% |
| FCF/Rev LTM | 11.1% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 40.5 |
| P/S | 2.1 |
| P/Op Inc | 15.3 |
| P/EBIT | 15.7 |
| P/E | 22.5 |
| P/CFO | 15.9 |
| Total Yield | 6.0% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.0% |
| 3M Rtn | -17.2% |
| 6M Rtn | -20.8% |
| 12M Rtn | -10.6% |
| 3Y Rtn | 16.2% |
| 1M Excs Rtn | 0.3% |
| 3M Excs Rtn | -22.2% |
| 6M Excs Rtn | -27.6% |
| 12M Excs Rtn | -28.7% |
| 3Y Excs Rtn | -48.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Security Division | 1,196 | 1,043 | 760 | 663 | 633 |
| Optoelectronics and Manufacturing Division | 412 | 384 | 387 | 367 | 350 |
| Healthcare Division | 168 | 171 | 190 | 206 | 212 |
| Corporate/ Eliminations | -63 | 0 | 0 | ||
| Intersegment Eliminations | -60 | -60 | -52 | -49 | |
| Total | 1,713 | 1,539 | 1,278 | 1,183 | 1,147 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Security Division | 205 | 183 | 115 | 99 | 86 |
| Optoelectronics and Manufacturing Division | 52 | 43 | 47 | 45 | 38 |
| Healthcare Division | 2 | 6 | 11 | 25 | 32 |
| Corporate/ Eliminations | -41 | -41 | -39 | -47 | -40 |
| Intersegment Eliminations | -2 | 1 | 0 | -0 | |
| Total | 218 | 189 | 135 | 122 | 115 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Security Division | 1,609 | 1,514 | 948 | 840 | 798 |
| Optoelectronics and Manufacturing Division | 300 | 289 | 311 | 301 | 282 |
| Healthcare Division | 270 | 256 | 246 | 231 | 220 |
| Corporate/ Eliminations | 61 | 101 | 95 | 105 | 121 |
| Intersegment Eliminations | -47 | -44 | -34 | -38 | |
| Total | 2,241 | 2,114 | 1,556 | 1,443 | 1,384 |
Price Behavior
| Market Price | $210.48 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 10/02/1997 | |
| Distance from 52W High | -32.0% | |
| 50 Days | 200 Days | |
| DMA Price | $217.56 | $257.79 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -3.3% | -18.4% |
| 3M | 1YR | |
| Volatility | 51.9% | 43.9% |
| Downside Capture | 174.75 | 161.22 |
| Upside Capture | -35.46 | 127.43 |
| Correlation (SPY) | 19.0% | 38.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.10 | 0.65 | 0.96 | 1.11 | 1.35 | 1.15 |
| Up Beta | -0.28 | -0.12 | 0.57 | 1.11 | 1.29 | 1.04 |
| Down Beta | 2.19 | 1.94 | 1.66 | 1.01 | 1.06 | 0.96 |
| Up Capture | 125% | -61% | 19% | 72% | 144% | 232% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 17 | 28 | 58 | 127 | 399 |
| Down Capture | 98% | 125% | 171% | 137% | 140% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 24 | 35 | 66 | 123 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OSIS | |
|---|---|---|---|---|
| OSIS | -1.6% | 43.8% | 0.09 | - |
| Sector ETF (XLK) | 35.3% | 24.6% | 1.18 | 27.9% |
| Equity (SPY) | 19.2% | 12.6% | 1.12 | 38.5% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | 18.1% |
| Commodities (DBC) | 29.7% | 19.0% | 1.24 | -3.5% |
| Real Estate (VNQ) | 15.2% | 14.0% | 0.78 | 27.1% |
| Bitcoin (BTCUSD) | -46.6% | 42.9% | -1.34 | 20.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OSIS | |
|---|---|---|---|---|
| OSIS | 15.8% | 33.7% | 0.50 | - |
| Sector ETF (XLK) | 19.2% | 25.5% | 0.67 | 38.7% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 45.8% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 9.4% |
| Commodities (DBC) | 8.8% | 19.5% | 0.34 | 9.1% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.04 | 37.9% |
| Bitcoin (BTCUSD) | 14.0% | 53.5% | 0.44 | 18.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OSIS | |
|---|---|---|---|---|
| OSIS | 13.7% | 33.7% | 0.47 | - |
| Sector ETF (XLK) | 24.4% | 24.8% | 0.89 | 39.7% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 46.0% |
| Gold (GLD) | 10.9% | 16.1% | 0.55 | 5.9% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 16.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 38.0% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -17.0% | -18.0% | -24.5% |
| 1/29/2026 | -7.3% | -4.3% | 6.3% |
| 10/30/2025 | 14.2% | 15.8% | 9.2% |
| 8/21/2025 | -2.5% | 3.1% | 5.4% |
| 5/1/2025 | 9.6% | 8.1% | 7.0% |
| 1/23/2025 | 14.2% | 16.5% | 19.7% |
| 10/24/2024 | -3.2% | -4.3% | 16.3% |
| 8/22/2024 | 6.7% | 1.1% | 0.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 16 |
| # Negative | 10 | 12 | 8 |
| Median Positive | 5.1% | 6.3% | 7.1% |
| Median Negative | -3.6% | -4.3% | -4.9% |
| Max Positive | 14.2% | 16.5% | 19.7% |
| Max Negative | -17.0% | -18.0% | -24.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -17.0% | -18.0% | -24.5% |
| 1/29/2026 | -7.3% | -4.3% | 6.3% |
| 10/30/2025 | 14.2% | 15.8% | 9.2% |
| 8/21/2025 | -2.5% | 3.1% | 5.4% |
| 5/1/2025 | 9.6% | 8.1% | 7.0% |
| 1/23/2025 | 14.2% | 16.5% | 19.7% |
| 10/24/2024 | -3.2% | -4.3% | 16.3% |
| 8/22/2024 | 6.7% | 1.1% | 0.6% |
| 4/25/2024 | -4.0% | -6.2% | -0.3% |
| 1/25/2024 | 4.4% | -0.5% | 2.4% |
| 10/26/2023 | 1.4% | -6.7% | 7.1% |
| 8/24/2023 | 13.7% | 12.4% | -5.5% |
| 4/27/2023 | 5.2% | 15.6% | 17.4% |
| 1/26/2023 | 7.1% | 6.0% | 5.3% |
| 10/27/2022 | 2.5% | 6.7% | 14.0% |
| 8/18/2022 | -7.2% | -12.2% | -21.6% |
| 4/28/2022 | 2.9% | 3.2% | 9.9% |
| 1/27/2022 | -2.2% | -1.3% | -3.9% |
| 10/28/2021 | -0.7% | -1.2% | -3.8% |
| 8/18/2021 | 1.9% | -1.1% | -6.1% |
| 4/29/2021 | -4.0% | -5.5% | -4.2% |
| 1/28/2021 | -2.9% | -3.8% | 1.1% |
| 10/29/2020 | 4.9% | 4.4% | 15.0% |
| 8/20/2020 | 0.4% | 4.2% | 4.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 16 |
| # Negative | 10 | 12 | 8 |
| Median Positive | 5.1% | 6.3% | 7.1% |
| Median Negative | -3.6% | -4.3% | -4.9% |
| Max Positive | 14.2% | 16.5% | 19.7% |
| Max Negative | -17.0% | -18.0% | -24.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/25/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/24/2025 | 10-Q |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 08/29/2024 | 10-K |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 01/26/2024 | 10-Q |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 08/29/2023 | 10-K |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 01/27/2023 | 10-Q |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/19/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/25/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/24/2025 | 10-Q |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 08/29/2024 | 10-K |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 01/26/2024 | 10-Q |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 08/29/2023 | 10-K |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 01/27/2023 | 10-Q |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/19/2022 | 10-K |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 01/28/2022 | 10-Q |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/23/2021 | 10-K |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 01/29/2021 | 10-Q |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/21/2020 | 10-K |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 01/29/2020 | 10-Q |
| 09/30/2019 | 10/25/2019 | 10-Q |
| 06/30/2019 | 08/27/2019 | 10-K |
Recent Forward Guidance
Updated 7/12/2026Latest: Q3 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.82 Bil | 1.85 Bil | 1.87 Bil | ||||
| 2026 Non-GAAP Diluted EPS | 10.3 | 10.4 | 10.6 | 0 | Affirmed | Guidance: 10.4 for 2026 | |
Prior: Q2 2026 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-GAAP Diluted EPS | 10.3 | 10.4 | 10.6 | Raised | Guidance: 10.3 for 2026 | ||
| 2026 Non-GAAP Diluted EPS Growth | 10.0% | 11.5% | 13.0% | 1.0% | Raised | Guidance: 10.5% for 2026 | |
Q1 2026 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 1.82 Bil | 1.85 Bil | 1.87 Bil | 1.0% | Raised | Guidance: 1.83 Bil for 2026 | |
| 2026 Revenue Growth | 6.5% | 7.75% | 9.0% | 1.0% | Raised | Guidance: 6.7% for 2026 | |
| 2026 Non-GAAP Earnings Per Share | 10.2 | 10.3 | 10.5 | 0.9% | Raised | Guidance: 10.2 for 2026 | |
| 2026 EPS Growth | 9.0% | 10.5% | 12.0% | 1.0% | Raised | Guidance: 9.5% for 2026 | |
Insider Activity
Updated 7/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chopra, Deepak | Direct | Sell | 5052026 | 281.84 | 20,000 | 5,636,800 | 71,317,921 | Form | |
| 2 | Chopra, Deepak | Direct | Sell | 2042026 | 250.91 | 20,000 | 5,018,200 | 68,509,470 | Form | |
| 3 | Chopra, Deepak | EXECUTIVE CHAIRMAN | Direct | Sell | 11112025 | 285.74 | 20,000 | 5,714,800 | 83,712,962 | Form |
| 4 | Morben, Paul Keith | PRES., OPTOELECTRONICS DIV | Direct | Sell | 11072025 | 279.10 | 416 | 116,106 | 2,383,514 | Form |
| 5 | Hawkins, James B | Direct | Sell | 11072025 | 283.15 | 1,500 | 424,725 | 1,425,943 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chopra, Deepak | Direct | Sell | 5052026 | 281.84 | 20,000 | 5,636,800 | 71,317,921 | Form | |
| 2 | Chopra, Deepak | Direct | Sell | 2042026 | 250.91 | 20,000 | 5,018,200 | 68,509,470 | Form | |
| 3 | Chopra, Deepak | EXECUTIVE CHAIRMAN | Direct | Sell | 11112025 | 285.74 | 20,000 | 5,714,800 | 83,712,962 | Form |
| 4 | Morben, Paul Keith | PRES., OPTOELECTRONICS DIV | Direct | Sell | 11072025 | 279.10 | 416 | 116,106 | 2,383,514 | Form |
| 5 | Hawkins, James B | Direct | Sell | 11072025 | 283.15 | 1,500 | 424,725 | 1,425,943 | Form | |
| 6 | Chopra, Deepak | EXECUTIVE CHAIRMAN | Direct | Sell | 10022025 | 245.80 | 20,000 | 4,916,000 | 76,927,780 | Form |
| 7 | Ballhaus, William Francis JR | Ballhaus Trust - See Footnote | Sell | 9152025 | 237.84 | 562 | 133,666 | 6,088,704 | Form | |
| 8 | Morben, Paul Keith | PRES., OPTOELECTRONICS DIV | Direct | Sell | 9052025 | 236.76 | 1,671 | 395,626 | 2,071,413 | Form |
Investor Activity (13F)
Updated Jul 21, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Equipment & Instruments Resources |
| EDN |
| Electronic Design |
| EE Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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